Podium Minerals : Parks Reef PGM Mineral Resource Upgrade

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ASX ANNOUNCEMENT

10th February 2022

PODIUM ANNOUNCES SUBSTANTIAL UPGRADE IN PGM

MINERAL RESOURCES AT PARKS REEF

Podium Minerals Limited (ASX: POD, 'Podium' or 'the Company') is pleased to provide an update to the Mineral Resource Estimate (MRE) at its 100% owned Parks Reef PGM Project in Western Australia.

HIGHLIGHTS

• Revised resource classification delivers a 28% increase in MRE to 2.8Moz contained 3E PGM1 and a 31% increase in contained copper to 104,000t.

February 2022 Inferred MRE - Parks Reef PGM horizon
Tonnes (Mt)	Pt (g/t)	Pd (g/t)	Au (g/t)	3E PGM (g/t)	3E PGM (koz)	Cu (%)	Ni (%)
50.6	0.82	0.66	0.08	1.56	2,537	0.07	0.10
February 2022 Inferred MRE - Parks Reef base metal - gold horizon
Tonnes (Mt)	Pt (g/t)	Pd (g/t)		Au (g/t)	3E PGM (g/t)	3E PGM (koz)	Cu (%)	Ni (%)
27.8	0.10	0.07		0.13	0.30	271	0.24	0.10

1. Note small discrepancies may occur due to rounding
2. PGM horizon Mineral Resource estimated at a cut-off grade of 1g/t 3E PGM
3. Base-metal-goldhorizon Mineral Resource estimated at a cut-off grade of 0.1% Cu

• The revised resource classification results in an increase in grade of 3E PGM to 1.56g/t. Currently, Podium is working on expanded analysis of archived pulp samples, testing for all 5E PGM2 elements, with rhodium and iridium to be included in future updates. Previous guidance indicates rhodium potentially adding over 25% to the value of the basket MRE's resource price3.
• Results from early concept mining studies enabled the western portion of the Mineral Resource to a depth of up to 325m below surface to be included in the Inferred classification. Studies have demonstrated the reasonable prospect of feasible bulk open-pit mining and subsequent underground mining, with PGM mineralisation open at depth.
• The MRE upgrade includes a 34% increase in the high-valueupper PGM horizon, of:

• 1. 12.3Mt @ 2.0g/t 3E PGM and 0.17% Cu
• Drill pad clearance has commenced for stages 9 and 10 reverse circulation (RC) drilling programs. An RC rig has been mobilised and drilling scheduled to start beginning next week.
• 1. Stage 9 will complete the drill data set in the existing inferred resource to 100m including the near surface supergene enriched mineralisation not previously tested.

1. Stage 10 is focussed on growth, with 10,000m of RC drilling planned to 200m depth along remaining 12km of strike not previously drilled to this depth. This drilling will continue to inform the extent and confidence of the resource and guide ongoing drill programs and mine study work.

• 1. Drilling for Stage 9 and 10 is expected to be completed by mid-year.
• Mark Fleming appointed as Head of Geology to guide upcoming drill programs.

• 3E PGM refers to platinum (Pt) plus palladium (Pd) plus gold (Au) expressed in units of g/t

• 5E PGM refers to platinum (Pt) plus palladium (Pd) plus gold (Au) plus Iridium (Ir) plus Rhodium (Rh) expressed in units of g/t
  3 Rhodium base price as published by Johnson Matthey on 09/02/22

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Podium's CEO - Sam Rodda, commented, "This is an exciting result for Podium and our Parks Reef Project, reinforcing the strengths of our new management team who have performed well together with contract partners to deliver a 28% increase in 3E PGM ounces as Podium looks to significantly grow our resource at depth and along strike."

"As we continue to understand and grow our geological knowledge of the orebody, activities will be focused on increasing resources, infill drilling and study work, with further metallurgical testing to inform a scoping study. These actions underpin and are key to accelerating our strategy to prove and develop a high-value,long-life Australian PGM asset".

PARKS REEF MINERAL RESOURCE ESTIMATE

The revised MRE at Parks Reef has delivered a substantial increase to 50.6Mt at 1.56g/t 3E PGM at a cutoff grade of 1g/t 3E PGM for the platinum group metal horizon and an additional 27.8Mt at 0.24% copper and 0.30g/t 3E PGM at a cut-off grade of 0.1% copper for the overlying base metal and gold horizon. This represents a 28% increase to 2.8Moz contained 3E PGM and a 31% increase in contained copper to

104,000t4.

The previously announced MRE for Parks Reef5 included the full 15km strike length and was defined to a depth of 100m below surface based on a preliminary assessment of a potential open-pit mining operation.

Following recent preliminary mining studies, a 2.4km portion of the western part of the Mineral Resource where the existing drilling is at its deepest (intersecting the reef up to 225m below surface) has now been classified as Inferred to a depth of up to 325m below surface (100m down dip from the deepest reef intersection on each drill section). This resource update is based on the consideration of feasible bulk open-pit mining and subsequent underground mining options. Future drilling as part of stage 9 and 10, and ongoing mining study work will evaluate underground potential of the remaining strike length of the deposit.

Refer Table 1 and Table 2 below for full details of the total MRE which have been classified as Inferred in accordance with the JORC Code.

Table 1 - February 2022 Inferred Mineral Resource Estimate for Parks Reef PGM Horizon

Horizon		Tonnes (Mt)	Pt (g/t)	Pd (g/t)	Au (g/t)	3E PGM (g/t)	Cu (%)	Ni (%)
PGM - Upper	Oxide	3.8	1.15	0.68	0.20	2.03	0.18	0.10
	Fresh	8.5	1.06	0.72	0.21	1.98	0.17	0.10
	Sub-total	12.3	1.08	0.71	0.21	2.00	0.17	0.10
PGM - Lower	Oxide	11.0	0.78	0.65	0.05	1.48	0.05	0.08
	Fresh	27.4	0.71	0.65	0.04	1.39	0.03	0.08
	Sub-total	38.3	0.73	0.65	0.04	1.42	0.04	0.08
Combined	Oxide	14.8	0.87	0.66	0.09	1.62	0.09	0.09
PGM - Total	Fresh	35.9	0.79	0.66	0.08	1.53	0.06	0.09
	Total	50.6	0.82	0.66	0.08	1.56	0.07	0.09

1. Note small discrepancies may occur due to rounding
2. Cut-offgrade of 1g/t 3E PGM; 13E PGM refers to platinum (Pt) plus palladium (Pd) plus gold (Au) expressed in units of g/t

• The MRE has been prepared by independent consultancy Trepanier Pty Ltd (Trepanier) and reported in accordance with the 2012 JORC Code.
  5 Refer ASX announcement dated 23rd September 2021.

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Table 2 - February 2022 Inferred Mineral Resource Estimate for Parks Reef Base Metal - Gold Horizon

Horizon		Tonnes (Mt)	Pt (g/t)	Pd (g/t)	Au (g/t)	3E PGM (g/t)	Cu (%)	Ni (%)
Base Metal - Au	Oxide	8.1	0.10	0.09	0.09	0.28	0.24	0.10
	Fresh	19.7	0.10	0.07	0.15	0.31	0.25	0.10
	Total	27.8	0.10	0.07	0.13	0.30	0.24	0.10

1. Note small discrepancies may occur due to rounding
2. Cut-offgrade of 0.1% Cu and excluding base-metal and gold mineralisation included within the Parks Reef PGM Horizon Mineral Resource

A plan and long section of the Mineral Resources within the identified extents of Parks Reef and highlighting the completed drilling and resource envelopes is shown in

Figure 1.

Figure 1 - Plan and Long Section of the Mineral Resources in Parks Reef

The PGM horizon is divided into upper and lower reef domains with the upper domain generally exhibiting elevated platinum grades plus gold and copper enrichment extending from the adjacent base metal - gold horizon. This PGM upper horizon provides a higher-grade polymetallic sub-layer. (See Figure 5 in Summary of Mineral Resource Estimate and Reporting Criteria).

The base metal-gold horizon lies in the hanging wall immediately above the PGM horizon and extends up to the visually distinctive contact between the mafic and ultramafic lithologies.

Copper and gold enrichment in this horizon is characterised by visible disseminated sulphide minerals in the fresh mineralisation.

As it occurs stratigraphically above the PGM horizon, this base metal-gold horizon could be mined in either an open pit and/or underground operation targeting the PGM horizon, potentially generating important revenue.

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A plan of the drilling completed to date targeting Parks Reef is shown in Error! Reference source not found. with an example section through the mineralisation within the new resource area shown in Figure 2.

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Figure 2 - Cross-section on drill line 20W6

RHODIUM AND IRIDIUM

While Podium has previously assayed selected holes for rhodium and iridium, there is currently insufficient drill data to include these platinum group elements into the Mineral Resources.

All drill holes tested have shown elevated concentrations of rhodium and iridium within the lower PGM horizon with the average grade typically 4 to 5% of the 3E PGM grades over the full PGM Horizon7.

• Refer to ASX announcement 17 May 2018

• Refer to ASX announcements dated 24 February 2020 and 29 September 2020.

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Not dissimilar to South African PGM operations, where rhodium may only make up a small percentage of the metal composition, it has potential to be a significant revenue driver due to the high values, sitting around US$16,925 per ounce and iridium at US$3,9008 per ounce.

Podium plans to routinely assay for rhodium and iridium for future resource extension drilling and in-fill drilling for indicated resources. Furthermore, the Company has initiated a programme to analyse all mineralised intervals from historic drilling analysed for the full PGM suite during the coming months. It is expected that this will allow rhodium and iridium to be included within the Parks Reef Mineral Resources.

PARKS REEF DRILLING AND EXPLORATION UPDATE

Stage 8 Drill Program - EIS Deep Diamond Drilling

The stage 8 deep diamond drilling program was performed in collaboration with the West Australian Government Exploration Incentive Scheme (EIS) co-fundeddiamond drilling program, with all three deep diamond drill holes proposed to test Parks Reef approximately 500m below surface completed at the end of January (see Table 3). The core of PRDD003 and PRDD004 has arrived in Perth with preliminary lithological logging completed. The third hole completed last week, was drilled to full depth and is still awaiting logging results. All three holes are being processed and cut for assay, with results expected in early Q2.

Holes PRDD003 and PRDD004, were drilled approximately 10km apart, (see Figure 3).

Table 3. Stage 8 Drilling Program status as at 09/02/2022

Hole ID	E_GDA94	Y_GDA94	RL	Dip	Azimuth	Depth	Section	Status
PRDD003	570639	7027883	526	-55	325	750.7	20 West	Completed
PRDD004	579429	7031072	504	-58	350	750.8	29 East	Completed
PRDD005	577104	7030434	504	-58	350	750.0	17 East	Completed

Figure 3. Schematic geology of the Parks Reef project, showing location of completed deep diamond drill holes.

• Source: Johnson Matthey 8/02/2022

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